Vend Marketplaces ASA

Earnings Release • Oct 27, 2021

We are pleased to share that we continued our positive development in the third quarter, with an underlying¹ revenue growth of 11 percent which included an increase in revenues across all segments. EBITDA margin was strong at 21 percent, driven by Nordic Marketplaces.

Revenues in Nordic Marketplaces increased by an underlying¹ 18 percent. The strong rebound in revenues over the last quarters demonstrates the strength of our marketplaces, built on strong brands and market positions as well as continuous product development. As in previous quarters, the revenue increase was driven by our professional customers in Norway, Sweden and Finland, and particularly within the Job verticals. Denmark had a soft quarter as car dealers were confronted with low inventory and high turnover which affected both online classifieds and advertising spend negatively.

News Media reached a new important milestone with more than one million purely digital subscriptions and delivered an underlying² revenue growth of 7 percent. This was achieved by strong digital advertising sales and continued good progress of our subscription business. To build on this trend and grasp the growth potential for this business, we have started to ramp up investments, for example in the podcast subscription service PodMe and our business news site E24.

Distribution continued to achieve solid revenue growth, though

somewhat lower than earlier this year due to reduced volume growth following the reopening of the Norwegian society. This trend also affected Prisjakt, which witnessed lower activity and a revenue decline during the third quarter.

Contrarily, Lendo has been supported by the reopening of the economies and delivered strong underlying² revenue growth of 21 percent while EBITDA decreased due to increased marketing spend in Sweden and expansion investments.

Finally, our Ventures business had an eventful quarter with the listing of the learning platform Albert on 01 October, and a good deal flow which included our investment in Tibber, an energy company which empowers people by lowering their energy bill and consumption.

• Kristin Skogen Lund, CEO

¹ Foreign exchange neutral basis and including pro-forma revenues for Marketplaces Denmark and Oikotie in Q3 2020

² Foreign exchange neutral basis

• Underlying¹ revenue growth of 11 percent, strong EBITDA margin of 21 percent
• Nordic Marketplaces: 18 percent underlying¹ revenue growth, primarily driven by the Job vertical. Strong quarter for Norway with 33 percent revenue growth and 54% EBITDA margin. Sweden and Finland with good development, while Denmark had a soft quarter due to low inventory and high turnover in Motors.
• News Media: 7 percent underlying² revenue growth thanks to strong digital advertising sales and continued growth in subscriptions. EBITDA margin of 13 percent, somewhat lower than last year due growth investments and one-offs in the same period last year.
• eCommerce & Distribution: 13 percent underlying² revenue growth driven by higher volumes for parcels and breakfast delivery. EBITDA declined year-on-year due to step-fixed costs to expand our delivery capacity.
• Financial Services & Ventures: Strong underlying² revenue growth of 21 percent in Lendo, while EBITDA declined as a result of increased marketing spend in Sweden and expansion investments. Good deal flow and successful listing of the learning platform Albert on 01 October. Prisjakt witnessed lower activity and revenues year-on-year as societies reopened, strong EBITDA margin of 32 percent.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Schibsted Group
Operating revenues	3,667	3,188	15%	10,687	9,287	15%
- of which digital	2,461	1,971	25%	6,922	5,648	23%
EBITDA	769	678	13%	2,106	1,461	44%
EBITDA margin	21%	21%		20%	16%
Operating revenues per segment
Nordic Marketplaces	1,121	827	35%	3,044	2,324	31%
News Media	1,928	1,809	7%	5,720	5,381	6%
eCommerce & Distribution	424	376	13%	1,422	1,112	28%
Financial Services & Ventures	533	496	7%	1,500	1,433	5%
EBITDA per segment
Nordic Marketplaces	499	356	40%	1,348	995	35%
News Media	247	272	(9%)	728	456	60%
eCommerce & Distribution	(10)	9	>(100%)	28	14	>100%
Financial Services & Ventures	97	110	(12%)	196	188	4%
Other/Headquarters	(65)	(69)	6%	(193)	(192)	(0%)

Effective 01 July, Schibsted has implemented a new organizational model and financial segments, which links marketplaces with distribution, sharpens focus on venture investments and financial services, and paves the way for an even more ambitious company-wide growth agenda. Restatements have been made available at schibsted.com/ir.

Historical income statement figures have been re-presented due to the classification of Adevinta as a separate item under "Discontinued operations" (see Note 6).

Alternative performance measures (APMs) used in this report are described at the end of the report.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	893	649	37%	2,427	1,833	32%
Advertising revenues	135	110	23%	379	317	20%
Other revenues	93	68	37%	238	174	37%
Operating revenues	1,121	827	35%	3,044	2,324	31%
EBITDA	499	356	40%	1,348	995	35%
EBITDA margin	45%	43%		44%	43%

Nordic Marketplaces had another strong quarter with high revenue growth, primarily driven by the Job vertical.

Oikotie numbers were included from mid-July 2020 onwards, and Denmark was included from 1 July 2021, which affected revenue growth positively. On a foreign exchange neutral basis, and adjusting Q3 2020 figures with pro-forma numbers for Oikotie and Denmark, revenues increased 18 percent compared to Q3 last year.

EBITDA increased significantly compared to Q3 last year driven by the continued strong development in Marketplaces Norway. On a foreign exchange neutral basis, and adjusting the Q3 2021 figures with pro-forma numbers for Oikotie and Denmark, EBITDA increased 25 percent compared to Q3 last year.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	522	388	34%	1,490	1,137	31%
Advertising revenues	58	45	30%	171	144	19%
Other revenues	68	53	27%	190	155	23%
Operating revenues	647	486	33%	1,851	1,436	29%
EBITDA	351	230	52%	988	685	44%
EBITDA margin	54%	47%		53%	48%

Marketplaces Norway delivered a strong 33 percent revenue growth compared to Q3 last year. As in the previous quarter, the growth was primarily driven by higher volumes and improved ARPA in the Job vertical.

"Traditional" Motors (excluding Nettbil) experienced volume growth compared to Q3 last year as the previous experienced imbalance between supply and demand has narrowed somewhat.

Real estate revenues were negatively affected by a volume decline compared to Q3 last year, driven by an economic environment with higher interest rates ahead, following a period of very high activity.

The Travel vertical saw higher revenues during the third quarter, in line with the ease of COVID-19 related travel restrictions.

Advertising revenues ended 30 percent above Q3 last year driven by both direct and programmatic advertising.

The strong EBITDA margin in Q3 was driven by higher revenues, combined with costs somewhat lower than planned due to longer time lines to fill vacant positions within the product and technology function.

	Third quarter			Year to date
(SEK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	224	209	7%	664	620	7%
Advertising revenues	44	44	(1%)	134	126	6%
Other revenues	4	2	75%	11	5	>100%
Operating revenues	271	256	6%	809	752	8%
EBITDA	121	121	(0%)	349	330	6%
EBITDA margin	45%	47%		43%	44%

Revenues in Marketplaces Sweden increased by 6 percent, driven by the Job and Motor vertical.

The growth in Motors was driven by higher professional revenues from the premium product "Bump". Jobs achieved revenue growth driven by continued volume recovery combined with increased ARPA.

C2C classifieds revenues saw declining revenues in the quarter, due to lower volumes and reduced pricing across categories.

EBITDA margin ended slightly below last year driven by increased investments in marketing and product development.

	Third quarter		Year to date
(EUR million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	5.9	4.4	35%	18.2	6.4	>100%
Advertising revenues	1.6	1.8	(13%)	5.6	4.2	33%
Other revenues	1.1	1.2	(8%)	3.5	1.2	>100%
Operating revenues	8.6	7.4	16%	27.3	11.9	>100%
EBITDA	1.5	1.4	5%	3.3	1.8	83%
EBITDA margin	17%	19%		12%	15%

The table above consists of Schibsted's Finnish Marketplaces, Tori and Oikotie. Oikotie numbers were included from mid-July 2020 onwards, somewhat driving the growth compared to Q3 last year. Adjusting Q3 2020 figures with pro-forma numbers, classifieds revenues increased year-on-year in Q3 across all verticals, especially within Jobs.

Advertising revenues suffered somewhat from platform migrations in the quarter, resulting in some product capabilities not in production, and experienced a decline compared to Q3 last year.

EBITDA was affected by investments in marketing, product and technology in the quarter.

	Third quarter		Year to date
(DKK million)	2021	2020	Change	2021	2020	Change
Classifieds revenues	60	-	-	60	-	-
Advertising revenues	12	-	-	12	-	-
Other revenues	12	-	-	12	-	-
Operating revenues	83	-	-	83	-	-
EBITDA	19	-	-	19	-	-
EBITDA margin	23%	-		23%	-

The table above consists of Schibsted's Danish Marketplaces, the Motor vertical Bilbasen and the Generalist Den Blå Avis (DBA). Financials from our Danish operations are included from 1 July 2021, and when adjusting Q3 2020 figures with pro-forma numbers, total revenues declined 9 percent year-on-year in Q3.

Revenues declined due to challenging market conditions, with low car dealer inventory and high turnover, affecting revenues negatively. The Generalist vertical has also experienced negative effects from changed user habits after the reopening of society, leading to lower volumes and traffic compared to a period with high activity last year.

Advertising revenues were also down compared to Q3 last year, due to price pressure within programmatic, combined with car dealers holding back their spending.

EBITDA declined compared to Q3 last year due to the revenue shortfall, combined with increased costs from eBay separation and Schibsted integration.

	Third quarter			Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Advertising revenues	638	525	21%	1,956	1,631	20%
-of which digital	486	384	26%	1,473	1,149	28%
Subscription revenues	728	674	8%	2,117	1,963	8%
-of which digital	342	285	20%	963	789	22%
Casual sales	288	331	(13%)	843	952	(11%)
Other revenues	274	278	(1%)	804	835	(4%)
Operating revenues	1,928	1,809	7%	5,720	5,381	6%
Personnel expenses	(618)	(568)	9%	(1,952)	(1,869)	4%
Other expenses	(1,063)	(969)	10%	(3,041)	(3,056)	(1%)
Operating expenses	(1,681)	(1,537)	9%	(4,992)	(4,925)	1%
EBITDA	247	272	(9%)	728	456	60%
EBITDA margin	13%	15%		13%	8%

News Media continued its strong performance from the last quarters with an increase in revenues compared to Q3 last year and good EBITDA margin. The foreign exchange neutral revenue growth of 7 percent was driven by significant growth in digital advertising and continued strong growth in digital subscriptions.

Costs increased by 9 percent compared to Q3 last year, driven by increased investments in new strategic initiatives with strong growth potential like PodMe or E24. In addition, temporary cost savings related to remote work started to reverse.

Good EBITDA margin of 13 percent, driven by revenue growth.

Split revenue per brand	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
VG	495	439	13%	1,454	1,264	15%
Aftonbladet	393	367	7%	1,177	1,066	10%
Subscription Newspapers	780	767	2%	2,349	2,317	1%
Other	260	235	11%	741	734	1%
Operating revenues	1,928	1,809	7%	5,720	5,381	6%

VG

VG delivered another quarter with strong revenue growth of 13 percent compared to Q3 last year. This was driven by digital revenues from both advertising and subscriptions. VG had significant positive effects on advertising revenues from the strong advertising market in Q3, particularly within video, content and premium display formats.

Aftonbladet

Aftonbladet posted solid revenue growth of 9 percent on a foreign exchange neutral basis compared to Q3 last year. Similar to VG, revenue growth was driven by digital advertising and subscription revenues.

Subscription Newspapers

Our Subscription Newspapers continued the good trend from last quarter, and experienced an increase in revenues compared to Q3 last year. The main driver was growth in digital subscriptions and advertising.

Other

Other consists of New Models (for example PodMe, TV.nu, Klart.se and Omni), Schibsted's printing facilities and centralized functions in Norway and Sweden. Revenues increased 11 percent compared to Q3 last year, primarily driven by PodMe revenues that were not included in last year's numbers.

	Third quarter			Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	424	376	13%	1,422	1,112	28%
EBITDA	(10)	9	>(100%)	28	14	>100%
EBITDA margin	(2%)	2%		2%	1%

Distribution currently has operations in Norway and consists of the "Legacy" newspaper distribution and "New Business" (mainly HeltHjem Netthandel, Morgenlevering and Zoopit). New Business continued to deliver solid revenue growth driven by increased volumes in HeltHjem, and price adjustments combined with higher average value of sold products in Morgenlevering. Compared to previous quarters, revenue growth was at lower levels due to reduced volume growth following the reopening of the Norwegian society.

EBITDA decreased compared to Q3 last year due to higher stepfixed costs to expand capacity.

	Third quarter			Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	533	496	7%	1,500	1,433	5%
EBITDA	97	110	(12%)	196	188	4%
EBITDA margin	18%	22%		13%	13%

Above figures in Financial Services & Ventures consist of Lendo, Prisjakt and other digital services like Compricer, Finansportalen, MittAnbud, Servicefinder, Mötesplatsen and Let's Deal in addition to Schibsted Growth HQ.

Financial Services & Ventures had a mixed performance across the portfolio in Q3, with total revenues growing 9 percent on a

foreign exchange neutral basis, primarily driven by a strong development in Lendo.

EBITDA declined year-on-year, primarily driven by higher costs in Lendo.

	Third quarter			Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	300	251	19%	780	709	10%
EBITDA	70	78	(10%)	154	146	5%
EBITDA margin	23%	31%		20%	21%

Foreign exchange neutral revenues in Lendo Group increased by 21 percent in Q3 compared to last year, driven by continued high demand and somewhat improving conversion from applications to paid-out loans. It was primarily Sweden and Norway that experienced strong growth in the quarter, but all countries saw increased revenues compared to last year.

EBITDA margin decreased year-on-year due to increased marketing spend in Sweden and expansion investments.

	Third quarter		Year to date
(NOK million)	2021	2020	Change	2021	2020	Change
Operating revenues	83	86	(4%)	259	254	2%
EBITDA	26	26	(1%)	73	74	(1%)
EBITDA margin	32%	31%		28%	29%

Revenues in Prisjakt decreased by 3 percent on a foreign exchange neutral basis compared to Q3 last year, driven by lower traffic and click revenues. Prisjakt experienced a strong boost from e-commerce in Q3 2020 as a result of the pandemic outbreak and related restrictions. As this effect has declined

Other and HQ had a negative EBITDA of NOK 65 million in Q3, an improvement of NOK 4 million compared to the same period throughout the year, the year-on-year development shows a slight decrease in revenues compared to last year.

The revenue decline was offset by lower costs, which led to a stable EBITDA compared to last year.

last year, driven by higher invoicing of costs to the business segments.

Schibsted's mission is to empower people in their daily lives. We do this by providing leading online marketplaces, running world-class media houses renowned for their exceptional, independent journalism and strong digital development, and by investing in and helping to scale great digital companies.

As in the rest of the world, the COVID-19 pandemic has had a significant impact on the economies in our markets and parts of our business. However, there has been a strong rebound thanks to large stimulus packages, a gradual reopening of societies and an acceleration of digital transformation across industries which have brought new possibilities for many of our businesses. While some uncertainty remains, the development in our businesses over the last quarters and economic forecasts for the Nordics are encouraging.

After witnessing resilience during the pandemic and a recovery across all markets in Nordic Marketplaces throughout 2021, we remain confident in the growth potential of this business and keep our medium-to long-term target to grow annual revenues by 8-12 percent for this segment. In 2021, growth is expected to be at the higher end or potentially above this range. This is due to the strong rebound we are observing, especially in Jobs. We expect that growth going forward will be primarily driven by three things. First, by leveraging our Nordic market positions driven by the development of better products and value-added services for our verticals. Second, the transformation to next generation marketplaces. And finally, by expanding into new marketplaces. The high growth ambitions and the transformation towards the next generation of marketplaces will require increased investments in product and technology over time. The costs within these functional areas will therefore increase going forward. This will potentially have a negative effect on margins as the costs occur, as will the effect from lower margins on some of the new transactional services that will be launched.

Initially, the pandemic had a significant negative effect on digital advertising revenues within News Media. The last nine months though have shown significant improvement in digital advertising, with Q3 revenues growing strongly year-on-year with a solid increase also compared to 2019. Looking ahead, the most important matter is the continued transition to a future oriented, digitally focused news organization with an even stronger emphasis on our subscription business. Already today, News Media has a strong and loyal customer base in Norway and Sweden with more than 1.4 million subscriptions in total, further strengthened with the acquisition and scaling of PodMe. News Media will continue to pursue opportunities to further capitalize on these positions, which will enable us to secure News Media's long-term financial profitability and safeguard its high relevance for society. News Media announced a cost program of NOK 500 million in Q1 2020 (the net effect will be reduced by inflation and wage increases) to accelerate the digital transformation of the business. The implementation of the program is progressing well and will be completed by Q4 2021. On the back of these good underlying trends and our strategy, we expect an annual low single-digit revenue growth in the medium-term and a medium-term EBITDA margin for News Media in the range of 10-12 percent. With continued strong development in the advertising market, both revenues and margins in 2021 are expected to end up in the upper end of or slightly above our mid-term targets.

In Distribution, we expect continued good revenue growth, though at lower levels than experienced during the pandemic. Within Distribution we will continue to focus on new and innovative product and tech solutions supporting the strong megatrend of growth within ecommerce which will lead to some investments.

Within Financial Services & Ventures, Lendo is expected to grow well over time. Investments into new markets for Lendo will continue. In Q4 2020, we started to launch the service in Spain, and in Q2 2021 we entered the Portuguese market. Lendo's expansion is expected to affect EBITDA negatively with around NOK 70-80 million in 2021.

Schibsted's overall success and growth is built on creating and scaling new business models and levering technological disruption. Acquisitions and investments by our Ventures team in new companies, with examples like Lendo, Prisjakt or Albert, have always played a fundamental role for this. In Q2, we announced a new organizational model and increased efforts to shape and execute a holistic investment strategy. The aim is to identify additional opportunities for investments, growth and transformation, potentially broadening Schibsted's portfolio of businesses and brands.

Across all business areas, use of data is getting more and more important for a wide range of purposes – from development to personalization of products and services. At the same time, collection and utilization of data has become increasingly complex due to development in the regulatory framework as well as technical restrictions, such as tracking prevention implemented by internet browsers. Schibsted has good progress on a Group wide data strategy and our goal is to ensure sustainable use of data going forward.

Schibsted's consolidated operating revenues in Q3 2021 totaled NOK 3,667 million, up 15 percent compared to last year. The Group's gross operating profit (EBITDA) amounted to NOK 769 million, equivalent to a growth rate of 13 percent. Please see information under Operating segments above for further details on the Group's performance in Q3 2021.

Depreciation and amortisation were NOK -268 million (NOK -218 million), mainly related to software, licenses, and right-of-use assets (leasing). Other income in Q3 2021 was NOK 123 million (NOK -1 million), whereof NOK 100 million is related to a gain on the sale of Kundkraft which was settled with shares in Tibber AS giving Schibsted an ownership percentage of around 5 percent of the company.

Other expenses in Q3 2021 were NOK -26 million (NOK -94 million), mainly related to the integration of the newly acquired Danish classifieds operations. Other expenses in Q3 2020 were mainly transaction cost related to the same acquisition, in addition to the acquisition of Oikotie and headcount reductions in News Media. Other income and expenses are disclosed in note 4.

Operating profit Q3 2021 amounted to NOK 564 million (NOK 360 million).

The Group reported a tax expense of NOK -96 million (19 percent) compared to NOK -59 million (18 percent) in Q3 2020. The reported tax rate is positively affected by nontaxable gain on sale of Kundkraft.

Basic earnings per share in Q3 2021 was NOK 1.68 compared to NOK 0.48 in Q3 2020. Basic earnings per share from continuing operations in Q3 2021 was NOK 1.69 compared to NOK 1.05 in Q3 2020.

Adjusted earnings per share from continuing operations in Q3 2021 was NOK 1.29 compared to NOK 1.47 in Q3 2020.

Net cash flow from operating activities excluding discontinued operations was NOK 516 million in Q3 2021, compared to NOK 293 million in the same period of 2020. The increased cash flow is mainly explained by increased EBITDA, and reduced tax payments.

Net cash flow from investing activities excluding discontinued operations was NOK -248 million in Q3 2021, compared to NOK -2,125 million in the same period of 2020. Investing activities in Q3 2021 is mainly related to development and purchase of intangible assets and property, plant and equipment and net investment in other shares. The decreased cash outflow compared to Q3 2020 is explained by the acquisition of Oikotie last year.

Net cash flow from financing activities excluding discontinued operations was NOK -168 million in Q3 2021 compared to NOK -71 million in the same period of 2020. Financing activities is mainly related to net change in interest-bearing borrowings and payment of lease liabilities. Schibsted also paid out dividends of NOK -56 million to non-controlling interests during Q3 2021. Please see note 7 for more details on cash flow from continuing operations.

Net cash outflow from investing activities in discontinued operations amounted to NOK -116 million in Q3 2021 (NOK -115 million) and is related to payment of transaction fees in connection with Adevinta's acquisition of eBay Classifieds Group.

The carrying amount of the Group's assets increased by NOK 36,465 million to NOK 84,943 million during the first three quarters of 2021, mainly related to remeasurement of the investment in Adevinta as an associate at fair value. Schibsted's equity ratio is 84 percent at the end of September 2021, compared to 33 percent at the end of 2020.

Schibsted has a well-diversified loan portfolio with loans from the Norwegian bond market, a group of relationship banks and the Nordic Investment bank. A bond (FRN) of NOK 600 million was repaid at maturity on 6 May.

The bridge loan facility was drawn by NOK 3,300 million at the closing of the acquisition in Denmark at the end of June and the remaining facility amount was cancelled. In addition, Schibsted had a revolving credit facility of EUR 300 million which was not drawn as of 30 September 2021. This facility was successfully refinanced by a new EUR 300 million multicurrency revolving credit facility. The new facility was signed on 9 July and has a term of 5 years, with two 1-year extension options. The new facility is not drawn and secures a strong liquidity buffer going forward.

The cash balance at the end of September 2021 was NOK 709 million giving a net interest-bearing debt of NOK 5,701 million. Including the undrawn facility, the liquidity reserve amounts to NOK 3,758 million. Dividends for 2020 of NOK 2.00 per share was paid in May, total amounting to NOK 468 million.

A public rating of BBB/Stable has been obtained from Scope Ratings and confirms Schibsted as a solid Investment Grade Credit.

Following the completion of Adevinta's acquisition of eBay Classifieds Group on 25 June 2021, Schibsted lost control over Adevinta and ceased to consolidate Adevinta with effect from closing of the acquisition. The retained ownership interest in Adevinta will be accounted for as an associate and share of profit (loss) of Adevinta will be reported with one quarter lag commencing Q4 2021.

See note 2 and note 6 for further details.

	Third quarter		Year to date		Year
(NOK million)	2021	2020	2021	2020	2020
Operating revenues	3,667	3,188	10,687	9,287	12,908
Raw materials and finished goods	(115)	(109)	(390)	(303)	(454)
Personnel expenses	(1,293)	(1,130)	(3,959)	(3,540)	(4,905)
Other operating expenses	(1,490)	(1,271)	(4,231)	(3,984)	(5,422)
Gross operating profit (loss)	769	678	2,106	1,461	2,126
Depreciation and amortisation	(268)	(218)	(721)	(611)	(829)
Share of profit (loss) of joint ventures and associates	(24)	2	(47)	(32)	(44)
Impairment loss	(9)	(7)	(106)	(20)	(61)
Other income	123	(1)	197	129	146
Other expenses	(26)	(94)	(102)	(165)	(237)
Operating profit (loss)	564	360	1,325	762	1,101
Financial income	3	14	10	27	37
Financial expenses	(58)	(52)	(171)	(152)	(197)
Profit (loss) before taxes	509	321	1,165	637	941
Taxes	(96)	(59)	(224)	177	128
Profit (loss) from continuing operations	414	262	941	814	1,068
Profit (loss) from discontinued operations	(3)	(209)	59,967	(677)	(233)
Profit (loss)	410	53	60,907	137	836
Profit (loss) attributable to:
Non-controlling interests	18	(58)	(292)	(231)	(22)
Owners of the parent	392	112	61,199	368	858
Earnings per share in NOK:
Basic	1.68	0.48	261.61	1.58	3.67
Diluted	1.67	0.48	261.15	1.58	3.66
Earnings per share from continuing operations in NOK:
Basic	1.69	1.05	3.72	3.30	4.30
Diluted	1.69	1.05	3.72	3.30	4.29

	Third quarter			Year to date
(NOK million)	2021	2020	2021	2020	2020
Profit (loss)	410	53	60,907	137	836
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit pension liabilities	(179)	175	(179)	(218)	(148)
Cash flow hedges	-	(478)	672	(478)	(1,626)
Change in fair value of equity instruments	-	(3)	(1)	(20)	(18)
Share of other comprehensive income of joint ventures and associates	-	-	(1)	(1)	(1)
Income tax relating to items that will not be reclassified	39	(64)	18	23	53
Items that may be reclassified to profit or loss:
Foreign exchange differences	(67)	126	(385)	918	148
Accumulated exchange differences reclassified to profit or loss on disposal of foreign operation	-	-	587	-	22
Cash flow hedges and hedges of net investments in foreign operations	2	(94)	132	(361)	(223)
Share of other comprehensive income of joint ventures and associates	1	-	5	1	(2)
Income tax relating to items that may be reclassified	(1)	19	(32)	84	48
Other comprehensive income	(205)	(320)	817	(54)	(1,745)
Total comprehensive income	206	(267)	61,724	83	(909)
Total comprehensive income attributable to:
Non-controlling interests	18	(301)	(69)	(225)	(661)
Owners of the parent	188	34	61,794	308	(249)

(NOK million)	30 Sep 2021	30 Sep 2020	31 Dec 2020
Intangible assets	9,363	6,153	6,018
Property, plant and equipment and investment property	496	492	480
Right-of-use assets	1,441	1,641	1,620
Investments in joint ventures and associates	69,898	906	922
Deferred tax assets	737	702	690
Other non-current assets	285	88	101
Non-current assets	82,221	9,981	9,832
Contract assets	255	178	173
Trade receivables and other current assets	1,758	1,839	1,792
Cash and cash equivalents	709	1,021	1,306
Assets held for sale	-	25,184	35,375
Current assets	2,722	28,222	38,646
Total assets	84,943	38,204	48,478
Paid-in equity	7,049	7,011	7,028
Other equity	64,340	3,738	3,151
Equity attributable to owners of the parent	71,389	10,749	10,178
Non-controlling interests	130	6,111	5,675
Equity	71,519	16,860	15,853
Deferred tax liabilities	590	335	351
Pension liabilities	1,252	1,235	1,154
Non-current interest-bearing loans and borrowings	3,034	3,139	3,090
Non-current lease liabilities	1,316	1,550	1,503
Other non-current liabilities	379	290	317
Non-current liabilities	6,571	6,550	6,416
Current interest-bearing loans and borrowings	3,375	693	678
Income tax payable	190	235	74
Current lease liabilities	307	275	286
Contract liabilities	588	585	600
Other current liabilities	2,392	2,279	2,537
Liabilities held for sale	-	10,727	22,034
Current liabilities	6,853	14,793	26,209
Total equity and liabilities	84,943	38,204	48,478

The statement of cash flows is prepared in accordance with applicable accounting standards and includes cash flows from discontinued operations. For detailed information on cash flows from continuing operations, see note 7.

	Third quarter			Year to date
(NOK million)	2021	2020	2021	2020	2020
Profit (loss) before taxes from continuing operations	509	321	1,165	637	941
Profit (loss) before taxes from discontinued operations	(4)	(24)	(134)	(272)	154
Depreciation, amortisation and impairment losses	277	258	829	968	1,226
Net effect pension liabilities	8	14	(71)	(28)	(7)
Share of loss (profit) of joint ventures and associates, net of dividends received	27	31	63	40	52
Taxes paid	(18)	(189)	(415)	(522)	(819)
Sales losses (gains) non-current assets and other non cash losses (gains)	(118)	(14)	404	(138)	(189)
Non-cash items and change in working capital and provisions	(166)	257	(7)	974	1,043
Net cash flow from operating activities	516	654	1,833	1,659	2,402
-of which from continuing operations	516	293	1,493	711	1,292
-of which from discontinued operations	-	361	341	948	1,110
Development and purchase of intangible assets and property, plant and equipment	(165)	(239)	(709)	(791)	(1,069)
Acquisition of subsidiaries, net of cash acquired	(2)	(1,951)	(2,977)	(2,027)	(2,025)
Proceeds from sale of intangible assets, investment property and property, plant and equipment	-	1	15	116	116
Proceeds from sale of subsidiaries, net of cash sold	(125)	(2)	(1,250)	96	426
Net sale of (investment in) other shares	(74)	(39)	(201)	(178)	(254)
Net change in other investments	1	(9)	(156)	(164)	(3,302)
Net cash flow from investing activities	(364)	(2,240)	(5,278)	(2,947)	(6,109)
-of which from continuing operations	(248)	(2,125)	(3,782)	(2,473)	(2,654)
-of which from discontinued operations	(116)	(115)	(1,496)	(474)	(3,455)
Net change in interest-bearing loans and borrowings	(39)	8	2,660	2,538	3,276
Payment of principal portion of lease liabilities	(81)	(114)	(334)	(307)	(419)
Change in ownership interests in subsidiaries (Note 2)	(1)	-	(228)	(61)	(91)
Capital increase	-	-	-	8	8
Net sale (purchase) of treasury shares	8	7	25	(97)	(90)
Dividends paid	(56)	-	(598)	(60)	(61)
Net cash flow from financing activities	(168)	(99)	1,525	2,022	2,624
-of which from continuing operations	(168)	(71)	1,917	(391)	(498)
-of which from discontinued operations	-	(28)	(392)	2,413	3,122
Effects of exchange rate changes on cash and cash	(1)	69	(49)	67	(105)
equivalents
Net increase (decrease) in cash and cash equivalents	(18)	(1,616)	(1,969)	801	(1,188)
Cash and cash equivalents at start of period	727	6,282	2,678	3,866	3,866
Cash and cash equivalents at end of period	709	4,666	709	4,666	2,678
-of which cash and cash equivalents in assets held for sale	-	3,645	-	3,645	1,371
-of which cash and cash equivalents excluding assets held for sale	709	1,021	709	1,021	1,306

	Attributable	Non
	to owners of	controlling
(NOK million)	the parent	interests	Equity
Equity as at 31 Dec 2020	10,178	5,675	15,853
Profit (loss) for the period	61,199	(292)	60,907
Other comprehensive income	595	223	817
Total comprehensive income	61,794	(69)	61,724
Share-based payment	21	(8)	14
Dividends paid to owners of the parent	(468)	-	(468)
Dividends paid to non-controlling interests	16	(139)	(123)
Change in treasury shares	25	-	25
Business combinations	20	14	34
Loss of control of subsidiaries	-	(5,249)	(5,249)
Changes in ownership of subsidiaries that do not result in a loss of control (Note 2)	(136)	(93)	(229)
Share of transactions with the owners of joint ventures and associates	(62)	-	(62)
Equity as at 30 Sep 2021	71,389	130	71,519
Equity as at 31 Dec 2019	10,498	6,383	16,882
Profit (loss) for the period	368	(231)	137
Other comprehensive income	(60)	6	(54)
Total comprehensive income	308	(225)	83
Capital increase	-	12	12
Share-based payment	44	12	56
Dividends paid to non-controlling interests	15	(60)	(45)
Change in treasury shares	(97)	-	(97)
Loss of control of subsidiaries	-	(2)	(2)
Changes in ownership of subsidiaries that do not result in a loss of control	(1)	(10)	(10)
Share of transactions with the owners of joint ventures and associates	(20)	-	(20)
Equity as at 30 Sep 2020	10,749	6,111	16,860

The condensed consolidated interim financial statements comprise the Group and the Group's interests in joint ventures and associates. The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting.

The interim financial statements are unaudited. All numbers are in NOK million unless otherwise stated. Tables may not summarise due to rounding.

The accounting policies adopted in preparing the condensed consolidated financial statements are consistent with those followed in preparing the Group's annual financial statements for 2020.

Following the completion of Adevinta's acquisition of eBay Classifieds Group on 25 June 2021, Schibsted lost control over Adevinta and ceased to consolidate Adevinta with effect from closing of the acquisition. The retained ownership interest in Adevinta will be accounted for as an associate and share of profit (loss) of Adevinta will be reported with one quarter lag commencing Q4 2021. Previous periods are re-presented, reflecting Adevinta as discontinued for all reported periods until loss of control. The re-presentation affects the income statement and related note disclosures. See note 2 and note 6 for further details.

In July 2020, Schibsted announced that its subsidiary Adevinta ASA had signed an agreement to acquire 100 percent of eBay Classified Group being the global classifieds operations of eBay Inc (eBay). The transaction was completed on 25 June 2021. Under the terms of the agreement, eBay received a consideration of USD 2.5 billion in cash and approximately 540 million shares in Adevinta representing an ownership interest of 44.1 percent of the capital and 33.3 percent of the votes.

The share issue of Adevinta ASA diluted the ownership interest of Schibsted in Adevinta to 33.1 percent of the capital and 39.5 percent of the votes, thereby resulting in Schibsted losing control of Adevinta. The accounting gain recognised in relation to loss of control amounts to NOK 60 billion. The gain primarily reflects the difference between the fair value of the retained interest in Adevinta being recognised and the carrying amounts of Adevinta as a subsidiary being derecognised. Further, the net gain reflects reclassification of accumulated translation differences and transaction cost. The loss of control affects consolidated cash flows negatively by the cash of Adevinta being disposed of. The gain is included in the line item Profit (loss) after taxes from discontinued operations. See note 6 Assets held for sale and discontinued operations.

Following loss of control at the end of June 2021, Schibsted accounts for its retained interest in Adevinta as an associate applying the equity method of accounting. Under the equity method, share of profit (loss) recognised will reflect Schibsted's share of profit (loss) as reported by Adevinta with appropriate adjustments for depreciation and amortisation of non-current assets based on their fair values when equity accounting commenced.

As Adevinta issues its interim reports later than Schibsted, share of profit (loss) will be reported with a one quarter lag. No share of profit (loss) is consequently reported in the third quarter of 2021 and Schibsted's share of Adevinta's profit (loss) in quarter three will be reported by Schibsted in quarter four 2021.

The carrying amount of Schibsted's investment in Adevinta is NOK 69 billion. Following a decline in the share price of Adevinta during September 2021, the fair value, based on quoted price at the end of third quarter 2021, amounts to NOK 61 billion. As described above, the investment in Adevinta is classified as an associate. Under IFRS, an investment in an associate is impaired and an impairment loss is incurred if, and only if, there is objective evidence of impairment as a result of a loss event having occurred. Further, in relation to share price development, a decline in fair value will have to be significant or prolonged to provide evidence of impairment. Schibsted assesses a decline in fair value of 20 percent to be significant and a decline lasting for 12 months to be prolonged.

No impairment loss is recognized in relation to the investment in Adevinta as the decline in fair value is neither significant nor prolonged. Further, there are no other indicators evidencing impairment of the investment. Such indicators would typically be changes with an adverse effect having taken place in the technological, market, economic or legal environment in which Adevinta operates.

During the first three quarters of 2021, Schibsted (continuing operations) invested NOK 2,958 million related to business combinations, whereof NOK 2,830 million is related to the acquisition of eBay Classifieds Scandinavia ApS (now known as Schibsted Denmark ApS). The amount comprises cash

consideration transferred reduced by cash and cash equivalents of the acquiree.

As part of Adevinta's acquisition of eBay Classified Group, Schibsted acquired the Danish operations of eBay Classified Group (DBA.dk and bilbasen.dk) from Adevinta through the acquisition of 100 percent of the shares of eBay Classifieds Scandinavia ApS. With the completion of the acquisition, Schibsted added a strong online classifieds business with solid margins to its portfolio and obtained access to a digitally advanced and attractive market for online classifieds. The transaction was completed on 25 June 2021 with consolidation in practice commencing at the end of June 2021.

In June 2021, Schibsted obtained control over the Swedish premium podcast company PodMe AB through increasing its ownership interest from 48 percent to 91 percent through acquisition of shares. The brand will be central in Schibsted's strategy for subscription-based podcasts. The previously held ownership interest was accounted for as an associate and was remeasured at fair value at the acquisition date resulting in a gain of NOK 50 million recognised in the line item Other income.

Schibsted has also been involved in other minor business combinations.

The table below summarizes the consideration transferred and the preliminary amounts recognized for assets acquired and liabilities assumed in the business combinations. There might be changes to the preliminary amounts including the amount allocated to goodwill.

	Schibsted		Total business
	Denmark ApS	Other	combinations
Consideration:
Cash	2,926	171	3,097
Deferred consideration	11	-	11
Fair value of previously held equity interest	-	123	123
Cash flow hedge included in initial cost	179	-	179
Replacement awards share-based payment	20	-	20
Total	3,136	295	3,430
Amounts for assets and liabilities recognised:
Intangible assets	1,187	66	1,253
Other non-current assets	11	10	21
Trade receivables and other current assets	59	19	78
Cash and cash equivalents	95	44	139
Deferred tax liabilities	(258)	(12)	(270)
Other non-current liabilities	(6)	(5)	(11)
Current liabilities	(68)	(20)	(88)
Total identifiable net assets	1,020	102	1,121
Non-controlling interests	-	(13)	(13)
Goodwill	2,116	206	2,322
Total	3,136	295	3,430

The intangible assets of NOK 1,253 million consist mainly of brands, customer relations and technology. Approximately 75 percent of the assets have indefinite lives while the remaining approximately 25 percent is amortised over a period from 5 -10 years. The goodwill recognised is attributable to inseparable non-contractual customer relationships, the assembled workforce of the companies and synergies. None of the goodwill recognised is expected to be deductible for income tax purposes. The business combinations are carried out as part of the Group's growth strategy, and the businesses acquired are good strategic fits with existing operations within the Schibsted Group.

In November 2020, the Norwegian Competition Authority (NCA) resolved to prohibit the business combination between Schibsted and Nettbil, which was acquired in December 2019. Schibsted appealed the decision to the Norwegian Competition Tribunal. In May Schibsted received the decision from the Norwegian Competition Tribunal, confirming the NCA's decision that Schibsted was not allowed to acquire Nettbil. The decision has been appealed to the Court of Appeal.

The cash outflow from changes in ownership interests in subsidiaries of NOK 228 million in the first three quarters of 2021 mainly relate to Adevinta ASA having purchased treasury shares.

In July the subsidiary Kundkraft was sold to the Norwegian digital power company Tibber AS. Gain on the sale is recognised in the line item Other income. The sale was settled with shares in Tibber AS giving an ownership percentage of around 5 percent. Tibber offers customers renewable electricity at cost and tools to help reduce energy consumption.

Schibsted has a new reporting structure effective 1 July 2021. Reportable operating segments were changed to reflect the internal reporting and monitoring of the businesses. Operating segments and disaggregation of revenues for 2020 were restated retrospectively to give comparable information.

Schibsted's operating segments are Nordic Marketplaces, News Media, eCommerce & Distribution and Financial Services & Ventures.

Nordic Marketplaces comprises online classified operations in Norway (Finn), Sweden (Blocket), Finland (Tori and Oikotie) and Denmark (Bilbasen and dba). These operations provide technology-based services to connect buyers and sellers and facilitate transactions, from job offers to real estate, cars, travel, consumer goods and more. Nordic Marketplaces also includes adjacent businesses such as Nettbil and Qasa.

News Media comprises news brands such as VG, Aftenposten, Bergens Tidende in Norway and Aftonbladet and Svenska Dagbladet in Sweden both in paper and digital formats, in addition to printing plant operations in the Norwegian market.

eCommerce & Distribution is primarily the distribution operations in Norway which delivers not only newspapers but also parcels for businesses and consumers. Helthjem and Morgenlevering are the key eCommerce brands.

Financial Services & Ventures consists of a portfolio of digital companies. Lendo is the key brand in the portfolio, offering digital marketplaces for consumer lending. In addition, Prisjakt offers price comparison for consumers.

Other / Headquarters comprises operations not included in the other reported operating segments, including the Group's headquarter Schibsted ASA and other centralised functions including Product and Technology.

Eliminations comprise intersegment sales. Transactions between operating segments are conducted on normal commercial terms.

In the operating segment information presented, Gross operating profit (loss) is used as measure of operating segment profit (loss). For internal control and monitoring, Operating profit (loss) is also used as measure of operating segment profit (loss).

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Third quarter 2021 Operating revenues	Marketplaces 1,121	Media 1,928	Distribution 424	Ventures 533	-quarters 160	-tions (499)	Schibsted 3,667
-of which internal	22	183	129	11	154	(499)	-
Gross operating profit (loss)	499	247	(10)	97	(65)	-	769
Operating profit (loss)	414	132	(33)	134	(83)	-	564
Third quarter 2020
Operating revenues	827	1,809	376	496	162	(483)	3,188
-of which internal	20	178	129	9	147	(483)	-
Gross operating profit (loss)	356	272	9	110	(69)	-	678
Operating profit (loss)	217	177	-	60	(94)	-	360
Year to date 2021
Operating revenues	3,044	5,720	1,422	1,500	479	(1,478)	10,687
-of which internal	71	533	389	29	457	(1,478)	-
Gross operating profit (loss)	1,348	728	28	196	(193)	-	2,106
Operating profit (loss)	1,104	397	(17)	96	(254)	-	1,325
Year to date 2020
Operating revenues	2,324	5,381	1,112	1,433	507	(1,469)	9,287
-of which internal	61	552	385	25	447	(1,469)	-
Gross operating profit (loss)	995	456	14	188	(192)	-	1,461
Operating profit (loss)	782	210	(1)	29	(258)	-	762
Year 2020
Operating revenues	3,181	7,459	1,604	1,971	668	(1,975)	12,908
-of which internal	84	739	520	38	594	(1,975)	-
Gross operating profit (loss)	1,336	750	43	270	(272)	-	2,126
Operating profit (loss)	1,043	385	4	38	(368)	-	1,101

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Third quarter 2021	Marketplaces	Media	Distribution	Ventures	-quarters	-tions	Schibsted
Classifieds revenues	893	-	-	-	-	(1)	892
Advertising revenues	135	638	-	39	-	(47)	765
-of which digital	135	486	-	39	-	(47)	613
Subscription revenues	-	728	-	62	-	-	789
-of which digital	-	342	-	62	-	-	404
Casual sales	-	288	-	-	-	-	288
Other revenues	92	248	420	433	144	(422)	915
Revenues from contracts with	1,120	1,902	420	533	144	(470)	3,649
customers
Revenues from lease contracts,	-	26	3	-	16	(28)	18
government grants and others
Operating revenues	1,121	1,928	424	533	160	(499)	3,667

Operating revenues	827	1,809	376	496	162	(483)	3,188
Revenues from lease contracts, government grants and others	-	41	-	-	16	(28)	30
customers
Revenues from contracts with	827	1,768	376	496	146	(456)	3,158
Other revenues	68	237	376	394	146	(410)	811
Casual sales	-	331	-	-	-	-	331
-of which digital	-	285	-	64	-	-	349
Subscription revenues	-	674	-	64	-	(1)	737
-of which digital	110	384	-	39	-	(43)	490
Advertising revenues	110	525	-	39	-	(44)	630
Classifieds revenues	649	-	-	-	-	-	649
Third quarter 2020

			eCommerce	Financial	Other /
	Nordic	News	&	Services &	Head	Elimina
Year to date 2021	Marketplaces	Media	Distribution	Ventures	-quarters	-tions	Schibsted
Classifieds revenues	2,427	-	-	-	-	(2)	2,426
Advertising revenues	379	1,956	-	113	-	(134)	2,314
-of which digital	379	1,473	-	113	-	(131)	1,834
Subscription revenues	-	2,117	-	189	-	(1)	2,305
-of which digital	-	963	-	189	-	-	1,152
Casual sales	-	843	-	-	-	-	843
Other revenues	237	721	1,418	1,197	430	(1,257)	2,746
Revenues from contracts with	3,044	5,636	1,418	1,500	430	(1,393)	10,634
customers
Revenues from lease contracts,	-	84	4	-	49	(85)	52
government grants and others
Operating revenues	3,044	5,720	1,422	1,500	479	(1,478)	10,687

Year to date 2020
Classifieds revenues	1,833	-	-	-	-	(1)	1,832
Advertising revenues	317	1,631	-	114	-	(127)	1,935
-of which digital	317	1,149	-	114	-	(121)	1,459
Subscription revenues	-	1,963	-	183	-	(2)	2,144
-of which digital	-	791	-	183	-	-	974
Casual sales	-	952	-	-	-	-	952
Other revenues	173	745	1,112	1,136	459	(1,259)	2,366
Revenues from contracts with	2,323	5,291	1,112	1,433	459	(1,388)	9,229
customers
Revenues from lease contracts,	1	90	-	-	48	(81)	58
government grants and others
Operating revenues	2,324	5,381	1,112	1,433	507	(1,469)	9,287

Year 2020
Classifieds revenues	2,486	-	-	-	-	(1)	2,485
Advertising revenues	449	2,377	-	172	-	(169)	2,829
-of which digital	449	1,694	-	172	-	(162)	2,153
Subscription revenues	-	2,658	2	247	-	(2)	2,905
-of which digital	-	1,088	2	247	-	-	1,336
Casual sales	-	1,256	-	-	-	-	1,256
Other revenues	244	1,015	1,602	1,553	604	(1,692)	3,326
Revenues from contracts with	3,179	7,307	1,604	1,971	604	(1,865)	12,800
customers
Revenues from lease contracts,	1	153	-	-	64	(110)	107
government grants and others
Operating revenues	3,181	7,459	1,604	1,971	668	(1,975)	12,908

	Third quarter		Year to date		Year
(NOK million)	2021	2020	2021	2020	2020
Gain on sale of subsidiaries, joint ventures and	108	(2)	116	64	75
associates
Gain on sale of intangible assets, property, plant and	-	-	2	51	51
equipment and investment property
Gain from remeasurement of previously held equity	1	-	51	-	-
interests in business combinations achieved in stages
Gain on amendments and curtailment of pension plans	3	1	16	14	21
Other	11	-	11	-	-
Total other income	123	(1)	197	129	146
Restructuring costs	(4)	(16)	(47)	(86)	(134)
Transaction-related costs	(22)	(77)	(54)	(78)	(101)
Loss on sale of subsidiaries, joint ventures and	-	(1)	-	(2)	(2)
associates
Other	-	-	(2)	-	-
Total other expenses	(26)	(94)	(102)	(165)	(237)

Gain on sale of subsidiaries, joint ventures and associates is mainly related to the sale of Kundkraft, see also note 2.

Transaction-related costs mainly relate to the integration of the acquired operations in Marketplaces Denmark.

	Third quarter		Year to date		Year
(NOK million)	2021	2020	2021	2020	2020
Interest income	2	3	6	26	29
Net foreign exchange gain	1	10	-	-	3
Other financial income	-	-	4	1	5
Total financial income	3	14	10	27	37
Interest expenses	(52)	(45)	(146)	(134)	(176)
Net foreign exchange loss	-	-	(6)	(2)	-
Other financial expenses	(5)	(7)	(19)	(15)	(21)
Total financial expenses	(58)	(52)	(171)	(152)	(197)
Net financial items	(55)	(39)	(161)	(125)	(161)

Adevinta was classified as a disposal group held for sale with effect from the date of Adevinta signing the agreement to acquire 100 percent of eBay Classified Group (20 July 2020) and until control was lost (25 June 2021). The assets and liabilities of Adevinta were presented separately within current items in the statement of financial position. No depreciation, amortisation or impairment losses are recognised for noncurrent assets while being part of a disposal group classified as held for sale. Further, the use of the equity method of accounting is discontinued for investments in joint ventures and associates of a disposal group. Adevinta represented a separate major line of business and was therefore classified as a discontinued operation with effect from signing of the agreement. The post-tax profits of discontinued operations were presented in a separate line item in the income statement. Previous periods were re-presented. Profit (loss) after taxes from discontinued operations includes a NOK 60 billion gain related to loss of control of Adevinta in the second quarter of 2021. The expense in the third quarter relates to settlement of transaction costs.

See also Schibsted's Interim Report Q2 2021 as well as Note 2 Changes in the composition of the group.

Profit (loss) from discontinued operations can be analysed as follows:

	Third quarter		Year to date		Year
(NOK million)	2021	2020	2021	2020	2020
Operating revenues	-	1,812	3,799	5,176	7,133
Operating expenses	-	(1,247)	(2,725)	(3,776)	(5,189)
Gross operating profit (loss)	-	565	1,074	1,400	1,944
Depreciation and amortisation	-	(33)	-	(337)	(337)
Share of profit (loss) of joint ventures and associates	-	(10)	-	15	15
Impairment loss	-	-	-	-	-
Other income	-	17	3	25	76
Other expenses	-	(285)	(1,179)	(341)	(500)
Operating profit (loss)	-	255	(102)	763	1,199
Net financial items	(4)	(279)	(32)	(1,034)	(1,045)
Profit (loss) before taxes	(4)	(24)	(134)	(272)	154
Taxes	1	(184)	(341)	(405)	(387)
Profit (loss) after taxes from discontinued operations	(3)	(209)	(475)	(677)	(233)
Gain on loss of control	-	-	60,411	-	-
Related income tax expense	-	-	30	-	-
Profit (loss) from discontinued operations	(3)	(209)	59,967	(677)	(233)
Other comprehensive income from discontinued	-	(661)	1,107	(278)	(1,723)
operations
Total comprehensive income from discontinued	(3)	(869)	61,074	(955)	(1,956)
operations
Total comprehensive income from discontinued
operations attributable to:
Non-controlling interests	-	(318)	(137)	(270)	(728)
Owners of the parent	(3)	(551)	61,211	(684)	(1,228)
Earnings per share from discontinued operations in
NOK:
Basic	(0.01)	(0.57)	257.88	(1.72)	(0.63)
Diluted	(0.01)	(0.57)	257.43	(1.72)	(0.63)

Intra-group eliminations between continuing and discontinued operations are attributed to discontinued operations as that approach is considered to provide the most relevant information related to results of continuing operations on an ongoing basis. This attribution results in certain deviations in amounts presented for discontinued operations above and amounts previously reported for Adevinta as an operating segment. The effects from not including depreciation, amortisation, impairment and discontinuing the equity method affect profit (loss) from discontinued operations positively by NOK 851 million before taxes and by NOK 741 million after taxes in the first three quarters of 2021. In the first three quarters of 2021 profit (loss) after taxes from discontinued operations also included a NOK -437 million loss related to Adevinta's disposal of Yapo.cl, in addition to the loss reported in Adevinta.

The consolidated statement of cash flows includes the following cash flow related to continuing operations:

	Third quarter		Year to date		Year
(NOK million)	2021	2020	2021	2020	2020
Profit (loss) before taxes from continuing operations	509	321	1,165	637	941
Depreciation, amortisation and impairment losses	277	225	829	631	890
Net effect pension liabilities	8	11	(81)	(39)	(44)
Share of loss (profit) of joint ventures and associates, net of dividends received	27	(2)	50	32	44
Taxes paid	(18)	(91)	(177)	(275)	(371)
Sales losses (gains) non-current assets and other non cash losses (gains)	(118)	3	(177)	(113)	(124)
Non-cash items and change in working capital and provisions	(170)	(175)	(116)	(162)	(45)
Net cash flow from operating activities from	516	293	1,493	711	1,292
continuing operations
Development and purchase of intangible assets and property, plant and equipment	(165)	(129)	(482)	(438)	(602)
Acquisition of subsidiaries, net of cash acquired	(2)	(1,951)	(2,958)	(1,951)	(1,951)
Proceeds from sale of intangible assets, investment property and property, plant and equipment	-	1	11	116	116
Proceeds from sale of subsidiaries, net of cash sold	(9)	(2)	(9)	94	94
Net sale of (investment in) other shares	(74)	(26)	(189)	(127)	(173)
Net change in other investments	1	(17)	(156)	(166)	(138)
Net cash flow from investing activities from	(248)	(2,125)	(3,782)	(2,473)	(2,654)
continuing operations
Net change in interest-bearing loans and borrowings	(39)	-	2,660	-	(2)
Payment of principal portion of lease liabilities	(81)	(78)	(243)	(203)	(285)
Change in ownership interests in subsidiaries	(1)	-	(1)	(39)	(69)
Capital increase	-	-	-	8	8
Net sale (purchase) of treasury shares	8	7	25	(97)	(90)
Dividends paid	(56)	-	(523)	(60)	(61)
Net cash flow from financing activities from continuing operations	(168)	(71)	1,917	(391)	(498)

Third quarter Year to date Year (NOK million) 2021 2020 2021 2020 2020 Profit (loss) before taxes 509 321 1,165 637 941 Tax (expense) income based on weighted average tax rates* (109) (70) (252) (141) (211) Prior period adjustments - - 2 - (3) Tax effect of share of profit (loss) from joint ventures and associates (5) - (10) (7) (9) Tax effect of impairment loss on goodwill, joint ventures and associates - (1) (19) (3) (7) Tax effect of other permanent differences 21 (22) 68 (1) 1 Current period unrecognised deferred tax assets (2) (3) (13) (29) (36) Re-assessment of previously unrecognised deferred tax assets - 38 - 358 393 Tax (expense) income recognised in profit or loss (96) (59) (224) 177 128 *Weighted average tax rates 21.5% 21.9% 21.7% 22.1% 22.5%

The relationship between tax (expense) income and accounting profit (loss) before taxes is as follows:

Tax effect of other permanent differences in the first three quarters of 2021 include tax effects from hedge accounting, gain from remeasurement of previously held equity interests and other non-deductible operating expenses.

The condensed consolidated financial statements are prepared in accordance with international financial reporting standards (IFRS). In addition, management uses certain alternative performance measures (APMs). The APMs are regularly reviewed by management and their aim is to enhance stakeholders' understanding of the company's performance and financial position alongside IFRS measures.

APMs should not be considered as a substitute for, or superior to, measures of performance in accordance with IFRS.

APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described and reconciled below.

As APMs are not uniformly defined, the APMs set out below

might not be comparable to similarly labelled measures by other companies.

Schibsted has a new reporting structure effective 1 July 2021. Affected APMs are restated retrospectively to give comparable information. See note 3 Operating segments and disaggregation of revenues for more information.

With effect from first quarter 2021 Schibsted has ended the reporting of underlying tax rate. Due to changes in the composition of the Group, the previous APM does no longer provide increased understanding of deviations between accounting and taxable profits and a better measure of taxes payable by the Group, in addition to the information included in note 8 Income taxes.

Measure	Description	Reason for including
EBITDA	EBITDA is earnings before depreciation and amortisation, other income and other expenses, impairment, joint ventures and associates, interests and taxes. The measure equals gross operating profit (loss).	Shows performance regardless of capital structure, tax situation and adjusted for income and expenses related transactions and events not considered by management to be part of operating activities. Management believes the measure enables an evaluation of operating performance.
EBITDA margin	Gross operating profit (loss) / Operating revenues	Shows the operations' performance regardless of capital structure and tax situation as a ratio to operating revenue.

	Third quarter		Year to date		Year
Reconciliation of EBITDA	2021	2020	2021	2020	2020
Gross operating profit (loss)	769	678	2,106	1,461	2,126
= EBITDA	769	678	2,106	1,461	2,126

Measure	Description	Reason for including
Liquidity reserve	Liquidity reserve is defined as the sum of cash and cash equivalents and Unutilised drawing rights on credit facilities.	Management believes that liquidity reserve shows the total liquidity available for meeting current or future obligations.

		30 Sep	31 Dec
Liquidity reserve	2021	2020	2020
Cash and cash equivalents	709	1,021	1,306
Unutilized drawing rights	3,050	3,330	6,806
Liquidity reserve	3,758	4,351	8,112

Measure	Description	Reason for including
Net interest-bearing debt	Net interest-bearing debt is defined as interest-bearing loans and borrowings less cash and cash equivalents and cash pool	Management believes that net interest-bearing debt provides an indicator of the net indebtedness and an indicator of the overall strength of the statement of financial position. The use of net interest-bearing debt

holdings.	Interest-bearing	loans	and
	borrowings do not include lease liabilities.

does not necessarily mean that the cash and cash equivalent and cash pool holdings are available to settle all liabilities in this measure.

	30 Sep		31 Dec
Net interest-bearing debt	2021	2020	2020
Non-current interest-bearing loans and borrowings	3,034	3,139	3,090
Current interest-bearing loans and borrowings	3,375	693	678
Cash and cash equivalents	(709)	(1,021)	(1,306)
Net interest-bearing debt	5,701	2,811	2,462

Measure	Description	Reason for including
Earnings per share adjusted (EPS (adj.))	Earnings per share adjusted for items reported as other income, other expenses and impairment loss, net of any related taxes and non-controlling interests.	The measure is used for presenting earnings to shareholders adjusted for transactions and events not considered by management to be part of operating activities. Management believes the measure enables evaluating the development in earnings to shareholders unaffected by such non-operating activities.

	Third quarter		Year to date		Year
Earnings per share - adjusted - total	2021	2020	2021	2020	2020
Profit (loss) attributable to owners of the parent	392	112	61,199	368	858
Other income	(123)	(16)	(200)	(154)	(223)
Other expenses	26	379	1,282	506	736
Impairment loss	9	7	106	20	61
Gain on loss of control of discontinued operations	-	-	(60,411)	-	-
Taxes and Non-controlling interests related to Other income and expenses, Impairment loss and Gain on loss of control of discontinued operations	(6)	(106)	(525)	(153)	(214)
Profit (loss) attributable to owners of the parent - adjusted	299	375	1,451	588	1,218
Earnings per share – adjusted (NOK)	1.28	1.60	6.19	2.52	5.21
Diluted earnings per share – adjusted (NOK)	1.28	1.60	6.18	2.51	5.20

Earnings per share - adjusted	Third quarter		Year to date		Year
- continuing operations	2021	2020	2021	2020	2020
Profit (loss) attributable to owners of the parent	392	112	61,199	368	858
-of which continuing operations	396	245	871	773	1,006
-of which discontinued operations	(3)	(134)	60,328	(404)	(148)
Profit (loss) attributable to owners of the parent - continuing operations	396	245	871	773	1,006
Other income	(123)	1	(197)	(129)	(146)
Other expenses	26	94	102	165	237
Impairment loss	9	7	106	20	61
Taxes and Non-controlling interests related to Other income and expenses and Impairment loss	(6)	(5)	(18)	(19)	(37)
Profit (loss) attributable to owners of the parent - adjusted	302	343	865	811	1,120
Earnings per share – adjusted (NOK)	1.29	1.47	3.70	3.47	4.79
Diluted earnings per share – adjusted (NOK)	1.29	1.46	3.69	3.46	4.78

Measure	Description	Reason for including
Revenues on a foreign exchange neutral basis	Growth rates on revenue on a foreign exchange neutral basis are calculated using the same foreign exchange rates for the period last year and this year.	Enables comparability of development in revenues over time excluding the effect of currency fluctuation.

			eCommerce	Financial
Reconciliation of revenues on a foreign	Nordic	News	&	Services &	Other/HQ,
exchange neutral basis	Marketplaces	Media	Distribution	Ventures	Eliminations	Total
Revenues current quarter 2021	1,121	1,928	424	533	(339)	3,667
Currency effect	15	12	(0)	7	34	33
Revenues adjusted for currency	1,135	1,940	424	540	(305)	3,700
Revenue growth on a foreign exchange neutral basis	37%	7%	13%	9%	(5%)	16%
Revenues current quarter 2020	827	1,809	376	496	(321)	3,188

Measure	Description	Reason for including
Revenues on a foreign exchange neutral basis adjusted for business combinations	Growth rates on revenue on a foreign exchange neutral basis adjusted for business combinations are calculated including pre combination revenues for Oikotie and Marketplaces Denmark in the comparable figures, and using the same foreign exchange rates for the period last year and this year.	Enables comparability of development in revenues over time excluding the effect of business combinations and currency fluctuation.

Reconciliation of revenues on a foreign exchange neutral basis adjusted for	Nordic	News	eCommerce &	Financial Services &	Other/HQ,
business combinations	Marketplaces	Media	Distribution	Ventures	Eliminations	Total
Revenues current quarter 2021	1,121	1,928	424	533	(339)	3,667
Currency effect	15	12	(0)	7	34	33
Revenues adjusted for currency	1,135	1,940	424	540	(305)	3,700
Revenue growth on a foreign exchange neutral basis adjusted for business combinations	18%	7%	13%	9%	5%	11%
Revenues current quarter 2020 (presented)	827	1,809	376	496	(321)	3,188
Revenues in Oikotie current quarter 2020	8	-	-	-	-	8
Revenues in Marketplaces Denmark current quarter 2020	130	-	-	-	-	130
Revenues current quarter 2020 adjusted for business combinations	965	1,809	376	496	(321)	3,326

Currency rates used when converting	Third quarter		Year to date		Year
profit or loss	2021	2020	2021	2020	2020
Swedish krona (SEK)	1.0130	1.0296	1.0075	1.0143	1.0226
Danish krone (DKK)	1.3887	1.4333	1.3752	1.4366	1.4388
Euro (EUR)	10.3274	10.6704	10.2269	10.7142	10.7250